Welcome to BitBoy Crypto!
Home of the BitSquad
This is your daily crypto wrap-up,
where I give you all the day's news in about three minutes.
And I never can actually achieve that.
But tonight, we're going to try.
Alright, guys. Let's start with the markets.
Bitcoin coming in at $49,000.
We're going to talk about why here in just a little bit.
A lot of you guys probably know kind of why that happened.
We'll get into that.
Ethereum now back over $4,000.
We have Binance Coin at $537.
Solana up 11% today.
Cardano at $1.30.
XRP coming in at 83.5¢.
Let's take a look at the biggest gainers of the day.
We got some interesting moves here on the market I want to show you guys.
We got SPELL coming in with a 27.8% gain
and Blockstack
on the back of that, you know, announcement we talked about yesterday on the show
involving DeFi and Bitcoin and NFTs and metaverse
with, you know,
on Stacks with Bitcoin.
Elrond
This is where we get really interesting here.
We got Elrond up 20%,
Avalanche up 18%,
Fantom up 17.2%,
Kadena up 15.9%.
Harmony up 14.8%,
HBAR up 14.6%,
SAND up 14.4%.
Why is that significant?
Well, I'll tell you why.
Because what we're seeing with altcoins right now
is we're almost seeing a resuming
of the moves that we saw before the crash.
Now, a lot of people will tell you that this crash we had over the last month
has been investors tightening up over what was going to be said at this Fed meeting.
And we now know what was said.
Now that that tension is over,
it's almost like the market is beginning to resume.
Are we starting to see something special?
Well, when we look here at the news,
we got some really interesting stuff here.
We have markets rallying after the Fed meeting,
but Bitcoin bears still have short-term advantage.
So we look at this every week.
Friday morning, I think at like 4 or 5AM Eastern,
the futures markets under Ribbit close.
Now, what's really interesting here is looking at the different scenarios.
Basically, if Bitcoin is between fo--
here's really the truth of it.
If Bitcoin is above $48,000
about--
I don't know exactly what it is,
like, about 36 hours from now, somewhere thereabouts,
30 to 35 hours, somewhere thereabouts,
we are going to see bullishness return, if it's above $48,000.
If it's below $48,000 at that close for the futures,
then the bears will be in control for another week,
but definitely a declining hold on the market.
You know, and this--
this move today all had to do with this Fed meeting.
They've sped up the stimulus withdrawal,
and now Bitcoin has jumped.
They're holding off on the tapering,
but earlier this year,
Jerome Powell said, you know, that basically inflation was transitory,
meaning that it was, you know, transient,
that it was temporary.
Now, that conversation is looking a little more permanent.
Now, the tapering is looking like it's coming in March of next year.
And I'll tell you, be very careful about what's going on right now.
I think we are going to see something absolutely monumental in the economy occur
in the next, you know, three to five to six months.
So be on the watch for that.
Be on the lookout for black swan events.
But, you know, where it comes to altcoins right now,
we could see a huge bounce
as long as Bitcoin doesn't take another dump here in the near future.
We might be able to get that altcoin momentum going back up.
And this time, Bitcoin dominance may go down below 40%
which would set off a hyperbolic altcoin season.
I know that's what you guys all want.
Alright. That's all I got. Be blessed.
It's a four-minute video. Sue me.
BitBoy out.